March 2, 2021 12:00 PM
Newmark announces that CT Realty and Clarion Partners, LLC have broken ground on South Bay Logistics Center, a Class A, state-of-the-art industrial facility, in Carson, California.
“CT Realty is excited to be partnering with Clarion Partners, LLC on this rare, infill LA industrial development project.,” said Chris Coetzee, Senior Vice President of CT Realty. “The combination of the project’s proximity to the Ports of LA/Long Beach and the ability to service nearly 15 million people within a 50-mile radius will draw significant interest from logistics and e-commerce companies.”
The single-tenant, free-standing building, located at 333 W. Gardena Boulevard, encompasses 145,840 square feet of industrial space including 25 dock high positions, 36-foot clear height, a 144-foot secure truck yard, an ESFR K-25 Sprinkler System, 5,500 square feet of modern two-story office space and an abundance of parking. Construction is set to be completed in the fall of 2021.
Located near five major freeways and in the center of the South Bay, the project is well-positioned to provide direct access to seven million people within a one-hour delivery window and is strategically located in proximity to the Ports of Los Angeles and Long Beach, Los Angeles International Airport, Downtown Los Angeles, and Ontario International Airport.
According to Newmark Research, Los Angeles’ industrial vacancy rate has remained below three percent, the tightest in the nation, for 35 consecutive quarters. Activity roared back to life in the second half of the 2020, with 4.3 million square feet in net absorption gains. E-commerce (and 3PLs supporting them) will be at the forefront of tenant demand in 2021; new construction will remain scarce and highly sought after, pushing the Greater LA market’s overall rents to new highs.
About CT Realty
Since its establishment 26 years ago, Newport Beach, Calif.-based CT Realty has completed over 300 transactions valued at more than $4.7 billion. CT is primarily focused on the acquisition and development of Class A industrial logistics properties throughout the U.S., having acquired 2,400 acres of industrial land since 2010 that will support 32 million square feet of buildings upon completion. CT has active developments in Northern and Southern California, Phoenix, Dallas/Ft. Worth, Atlanta, Illinois, Indianapolis, Columbus, OH, and New Jersey, and continues to expand into new markets nationwide. Visit ctrinvestors.com.
About Clarion Partners, LLC
Clarion Partners LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 38 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With more than $56 billion in total assets under management, Clarion Partners, LLC offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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